investing

Step-by-step guide to buy and sell bitcoin

Make a bitcoin purchase
Make a bitcoin purchase | Wallet icon: © Artco/Shutterstock.com, Coffee cup: © Shutterstock.com

Make a bitcoin purchase

The next day, my bank account had two small deposits from Coinbase, so I logged back in, input the amounts for verification and decided to buy a fifth of a bitcoin, using more than half of my $200.

You can buy pieces of a bitcoin. The smallest fraction that currently can be sent is a one-hundred millionth of a bitcoin, which is called a Satoshi after the supposed founder of bitcoin, Satoshi Nakamoto.

Coinbase charges a 1 percent fee, as well as a small bank transfer fee.

Did I give Coinbase my credit card information as backup? I decided against it. That meant more waiting. As a result, it took me several days before I received the bitcoin I had paid for.

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